Corporate Bank Account Service

  • Bank Account
  • Corporate Bank Account Service

Dubai company formation with bank account

When it comes to company formation and opening a corporate bank account in Dubai, there are specialised services available to streamline this process, notably for local mainland and free zone companies.

  • Local Mainland company accounts
    1. Ownership Structure: While they allow 100% foreign ownership, there is a cap where a foreign entity cannot own more than 49% of the company. UAE nationals must hold the majority (51%).
    2. Capital Requirement: A minimum capital of AED 300,000 is required.
    3. Shareholders: These companies can have between 2 and 50 shareholders.
    4. Trading Freedom: Ideal for companies intending to trade across the UAE.
  • Free Zone company accounts
    1. Suitability: best suited for businesses operating remotely or those based in Dubai but operating internationally.
    2. Nature: These accounts are akin to offshore accounts but are for resident companies in the free zone.
  • How do I open a business bank account in Dubai?
    Opening a business bank account in Dubai can be summarised into a more streamlined process:
    1. Choose a Bank: Research and select a bank based on their services, fees, and reputation, especially in handling business accounts.
    2. Account Type: Decide whether you need a local mainland or a free zone bank account, based on your business's structure and requirements.
    3. Gather Documents: Prepare the necessary documents, including the company trade licence, MOA, AOA, shareholder and director details, business profile, and proof of address.
    4. Apply for the Account: Start the application online (if available) and schedule a meeting with a bank representative to submit your documents.
    5. Due Diligence: The bank will perform background checks on your company and its key members.
    6. Minimum Balance: Deposit the required minimum balance to open the account.
    7. Await Approval: The approval process may take a few weeks, depending on various factors.
    8. Activate the account. Once approved, you'll receive the account details for use.

    This summary provides a concise overview of the key steps involved in opening a business bank account in Dubai.
  • Why do I need a business bank account in Dubai?
    1. Legal Compliance: It's legally required for businesses to have separate accounts from personal ones, ensuring financial transparency and compliance with local laws.
    2. Professional Image: A business account enhances your professional credibility and builds trust with clients and partners.
    3. Financial management simplifies accounting, tax preparation, and budget management.
    4. Banking Services: Provides access to credit, loans, and facilities for international transactions.
    5. Audit and Legal Readiness: This is essential for audits and provides clear evidence in legal disputes.
    6. Networking Opportunities: This helps in building banking relationships and accessing financial advice.
    7. Operational Requirements: Necessary for compliance in Free Zones and for processing employee salaries under the Wages Protection System.

    A business bank account in Dubai is crucial for effective financial management, maintaining business credibility, and meeting regulatory requirements.
  • Services offered by Nexswitch Corporate Services Provider
    1. Bank Account Opening Assistance: Includes follow-up and regular updates on the application status.
    2. Personalised Support: Introduction to and coordination with a Relationship Manager and a Relationship Officer from the chosen bank.
    3. Meeting Arrangements: Scheduling meetings with bank officials for account opening.
    4. Document Preparation: Assistance in preparing necessary documents and crafting a company profile tailored for banks.
    5. Background Assessment: Evaluating individual or corporate backgrounds to ensure compliance and readiness for the bank account opening process.
    6. Professional Assistance: Consider hiring a local business consultant or legal advisor, especially if you're unfamiliar with the local banking regulations.
    7. Compliance with UAE Laws: Ensure your business complies with all UAE laws and regulations, as non-compliance can lead to account rejection.
    8. Keep Documents Updated: Regularly update your documents with the bank, especially if there are changes in your company structure or shareholders.

    These services aim to simplify and expedite the process of setting up a company and opening a corporate bank account in Dubai, a process that can be complex due to the various regulations and requirements in place. By offering tailored assistance, these services can be invaluable for businesses looking to establish themselves in Dubai's dynamic market.

WITH NEXSWITCH CORPORATES YOU WILL GET:

  • Follow-up of Bank Account opening
  • Regular updates on the status of your application
  • Introduction to your official Relationship Manager
  • Scheduling the meeting with Relationship Officer of a chosen bank
  • Full assistance during UAE Bank Account opening application and interview
  • Coordination with Relationship Officer before account opening application meeting
  • Assessment of individual/corporate background
  • Preparation of required documents with a company profile specially crafted for banks

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